MUMBAI: The Sensex extended intraday gains on Tuesday and was comfortably placed above the 17,500 mark, led by gains in technology and rate-sensitives sectors. According to dealers, the comments made by the finance minister P Chidambaram yesterday on the roadmap to revive economy were providing support to the benchmarks.
In his speech after taking over the finance ministry, Chidambaram said that the government will work with the RBI to tame inflation in the medium term. He added that a path of financial consolidation will be unveiled shortly. On reforms front, the minister said corrective measures will be taken in bringing clarity in tax laws.
"We think the finance minister has struck the right note with the investor community, with a focus on key areas that need attention, viz. fiscal consolidation, reinvigorating reforms and easing supply-side constraints by focusing on infrastructure," said a Nomura report, adding, "Finally, the finance minister's statement on interest rates suggests that there will be political pressure on the RBI to cut interest rates."
At 12:30 pm, the 30-share BSE index was at 17,544.74, up 131.78 points or 0.76 per cent. It touched a high of 17,549.52 and a low of 17,417.92 in trade today.
The Nifty was at 5,314.60, up 32.05 points or 0.61 per cent. It touched a high of 5,324.25 and a low of 5,281.65 in trade today.
"There has been a fresh buy signal from momentum oscillator MACD on the daily chart, the fast Stochastic is trading in an overbought state which could keep proceedings confusing for some more time," said an Edelweiss report. "We have turned neutral on the market view on lack of direction coupled with low volumes, but remain mindful of a sustainable breakout above 5,300 or a breakdown below 5,100 (200 SDMA), and prefer to stick to stock-specific activity where there is clarity of trend," the report added.
The BSE Midcap Index was up 0.51 per cent and the BSE Smallcap Index moved 0.47 per cent higher.
Among the sectoral indices, the BSE IT Index was up 1.57 per cent, the BSE Realty Index gained 1.39 per cent, the BSE Auto Index moved up 1.32 per cent and the BSE Bankex gained 0.90 per cent. The BSE Oil & Gas Index was down 0.19 per cent.
Tata Motors (3.24%), Bajaj Auto (1.96%), Infosys Technologies (1.61%), TCS (1.59%) and Jindal Steel (1.51%) were the major Sensex gainers.
Hero MotoCorp (1.40%), Reliance Industries (0.70%), NTPC (0.24%), HDFC Bank (0.12%) and M&M (0.04%) were among the losers.
The market breadth was positive on the BSE with 1370 gainers against 1078 losers.
The foreign institutional investors bought equities worth Rs 555.73 crore on Monday, as per provisional data from the NSE.
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In his speech after taking over the finance ministry, Chidambaram said that the government will work with the RBI to tame inflation in the medium term. He added that a path of financial consolidation will be unveiled shortly. On reforms front, the minister said corrective measures will be taken in bringing clarity in tax laws.
"We think the finance minister has struck the right note with the investor community, with a focus on key areas that need attention, viz. fiscal consolidation, reinvigorating reforms and easing supply-side constraints by focusing on infrastructure," said a Nomura report, adding, "Finally, the finance minister's statement on interest rates suggests that there will be political pressure on the RBI to cut interest rates."
At 12:30 pm, the 30-share BSE index was at 17,544.74, up 131.78 points or 0.76 per cent. It touched a high of 17,549.52 and a low of 17,417.92 in trade today.
The Nifty was at 5,314.60, up 32.05 points or 0.61 per cent. It touched a high of 5,324.25 and a low of 5,281.65 in trade today.
"There has been a fresh buy signal from momentum oscillator MACD on the daily chart, the fast Stochastic is trading in an overbought state which could keep proceedings confusing for some more time," said an Edelweiss report. "We have turned neutral on the market view on lack of direction coupled with low volumes, but remain mindful of a sustainable breakout above 5,300 or a breakdown below 5,100 (200 SDMA), and prefer to stick to stock-specific activity where there is clarity of trend," the report added.
The BSE Midcap Index was up 0.51 per cent and the BSE Smallcap Index moved 0.47 per cent higher.
Among the sectoral indices, the BSE IT Index was up 1.57 per cent, the BSE Realty Index gained 1.39 per cent, the BSE Auto Index moved up 1.32 per cent and the BSE Bankex gained 0.90 per cent. The BSE Oil & Gas Index was down 0.19 per cent.
Tata Motors (3.24%), Bajaj Auto (1.96%), Infosys Technologies (1.61%), TCS (1.59%) and Jindal Steel (1.51%) were the major Sensex gainers.
Hero MotoCorp (1.40%), Reliance Industries (0.70%), NTPC (0.24%), HDFC Bank (0.12%) and M&M (0.04%) were among the losers.
The market breadth was positive on the BSE with 1370 gainers against 1078 losers.
The foreign institutional investors bought equities worth Rs 555.73 crore on Monday, as per provisional data from the NSE.
moneycontrol news
www.marketfutureindia.com
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